Sunday, July 15, 2007

Rent to Own

So I go into one of those rent to own places by the name of Easyhome looking to purchase a laptop. Now I knew before walking in the door I would be paying a premium for dealing with a high risk lender but the results were shocking. Figuring I would be looking at approx. $50 a month over the course of 3 years in all $1800 spent on a laptop that bought for cash new probably around $800. Willing to shell out an extra $1000 or so just to have it now and make monthly payments. So I walked right up to the laptops and there they were all shiny and new, great I’m thinking until I notice the tag at the left that states $32 per week! The sales lady approaches and ask me if I’ve even been to Easyhome before and I answer no and she starts walking me through their payment plan, apparently they offer a 1 year plan if your willing to pay double the weekly payment. Still shocked at this point she grabs the calculator and tallies up $138 a month over the course of 3 years bringing the total for this laptop to a whopping $4968 or if you wanted to do the year you could save yourself $1656 but still end up paying $3312 for a laptop that was probably in the price range of $1000! I made the smart decision and said thank you but I’ll save my money and buy one instead.

1 comment:

Amy said...

Yeah stay away from those rent to own places and the paycheck loan places as well. Those are some of the quickest methods for starting down a road of financial ruin.